Filing Flows › Ionis Pharmaceuticals (IONS) › Q2 2026 › vs Q2 2025
Ionis Pharmaceuticals (IONS) Q2 2026 vs Q2 2025 (year over year)
Ionis Pharmaceuticals's revenue fell $184M (-41%) from $452M in Q2 2025 to $268M in Q2 2026. The biggest changes: Research and Development Revenue +$27.7M (+23%); DAWNZERASales +$26.6M (—); Tryngolza −$14.7M (-76%).
Ionis Pharmaceuticals, Q2 2026: revenue $268M (-41% year over year), operating margin -38.2%, net loss $115M, operating cash flow $566M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 205.1% | 30.8% | +174.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Commercial | $119M | $103M | $15.9M | +15% |
| Spinraza Royalties | $53.5M | $54.3M | −$851K | -2% |
| Product | $31.1M | $19.3M | $11.9M | +62% |
| Wainus Royalties | $16.4M | $10.4M | $6.0M | +58% |
| Other Royalties | $6.0M | $5.2M | $836K | +16% |
| Research and Development Revenue | $150M | $122M | $27.7M | +23% |
| Royalty | $76.0M | $70.0M | $6.0M | +9% |
| DAWNZERASales | $26.6M | $0 | $26.6M | — |
| Other Commercial | $11.5M | $13.5M | −$2.0M | -15% |
| Tryngolza | $4.6M | $19.3M | −$14.7M | -76% |
| Revenue | $268M | $452M | −$184M | -41% |
| Net loss | $115M | −$124M | $238M | — |
| Costs & expenses | $383M | $452M | −$69.5M | -15% |
| Operating costs | $370M | $312M | $58.0M | +19% |
| Interest & other, net | $11.1M | $16.3M | −$5.2M | -32% |
| Income tax | $1.3M | −$20K | $1.3M | — |
| Cost of revenue | $2.7M | $4.2M | −$1.4M | -34% |
| SG&A | $150M | $90.6M | $59.8M | +66% |
| Other operating costs | $217M | $217M | −$353K | -0.2% |
| Operating cash sources | $680M | $27.8M | $652M | 24× |
| Depreciation & amortization | $4.1M | $2.9M | $1.3M | +44% |
| Share-based compensation | $45.6M | $29.7M | $15.9M | +54% |
| Working capital & other | $630M | −$4.8M | $635M | — |
| Net loss absorbed | $115M | −$124M | $238M | — |
| Operating cash flow | $566M | $151M | $414M | +274% |
| Free cash flow (OCF − capex) | $549M | $139M | $410M | +295% |
| Capital expenditures | $16.1M | $12.3M | $3.8M | +31% |
Questions
How much did Ionis Pharmaceuticals's revenue grow year over year in Q2 2026?
Ionis Pharmaceuticals's revenue fell $184M (-41%) from $452M in Q2 2025 to $268M in Q2 2026.
What drove Ionis Pharmaceuticals's revenue change in Q2 2026?
Research and Development Revenue +$27.7M (+23%); DAWNZERASales +$26.6M (—); Tryngolza −$14.7M (-76%).